Howard Fu: Yes. So the dichotomy still is there still more elevated than what we’ve seen historically. In Q3, what we’ve seen in terms of the stabilization is a little bit more of the proportion renewal was flat. Remember, in the last couple of quarters, I talked about when there is a lower proportion of the flat renewals. It increases the beta of the potential outcomes. And so this quarter, we saw a greater proportion return back to flat renewals, which gives me a sense that there is more stability and a lower beta. But keep in mind, it’s still more elevated in terms of that dichotomy than what we’ve seen historically.
DJ Hynes: Yes. Got it. Fair enough. And then maybe as a follow-up, a non-macro question, maybe tied to Procore Pay. Curious what percent of your GC customers today are using accounting integrations and invoice management. And is that a correct way to kind of think about the serviceable addressable opportunity today inside of the base for Procore Pay?
Tooey Courtemanche: Yes. Well, in order to use Procore Pay, you have to be using at least invoice management on our side. So that is probably a good way to think about it. But keep in mind, too, we are still only providing this to a select group of U.S. general contractors who are invoicing customers as we launch this program. So it’s still super early days.
DJ Hynes: Okay, got it. Thank you.
Tooey Courtemanche: Sure.
Operator: Our next question comes from Saket Kalia with Barclays. Please proceed.
Saket Kalia: Okay. Great. Hey, it’s Saket at Barclays. Thanks, guys for taking my questions here. Tooey, maybe for you, just to zoom out a little bit. I was wondering if you could just talk a little bit about where Procore is in its international build-out. I think at Analyst Day that the market share there that we showed was really, I think, in the low single digits. So clearly, a big opportunity. Can you just maybe talk through how you’re thinking about building out international and whether you’re seeing anything different there, just in terms of the adoption curve versus maybe what you’ve seen in the U.S. Does that make sense?
Tooey Courtemanche: Yes, it makes at sense, Saket so love to answer this. So first and foremost, when we go into a new market, I think the most important thing that Procore has to focus on is brand. The industry globally is – they are cautious when they engage in new partnerships. So having the brand established is really important. And the beauty of our SaaS platform is that when we do enter a new market, we will already have folks that our Procore customers likely doing projects there. So we focus heavily on building the brand, getting the referenceable customers, putting in the customer success and support that is necessary and then capitalizing on that brand to expand those markets. The other thing that’s interesting about construction is the way construction is done globally is very much the same.
So when we go into a market, a new market, the good news is that the product line that we’re carrying with us has a pretty high product market that fit. And so those, there are some regulatory requirements that are going to be needed to be addressed with the product itself. In general, the product is usable from day 1. So yes, definitely start with brand and then we go with expansion. Focus matters for Procore 2. So when we’re in a market, we focus on that, and we don’t get distracted by adjacencies.
Saket Kalia: Got it. Got it. That’s super helpful. Howard, maybe for you to zoom back.
Howard Fu: Sakat, did we lose you.
Operator: Apologies. Basically, his line did drop, so we will move on to the next question. Our next question comes from Adam Borg with Stifel. Please proceed.
Mike Richards: Hi, everyone. This is Mike Richards on for Adam Borg at Stifel. Thanks for taking the questions. I was just hoping if you could comment on the competitive landscape overall? And if there is any changes there, whether that be by geography or product area? Thanks.
